6211 Nurs
Start by writing a summary that defines major points you want to include in the elevator speech. This summary should be supported with scholarly references and properly formatted to meet the rubric standards. Use the summary to identify significant talking points that you will use for your elevator speech. Post a 2- to 3-paragraph draft of an “elevator speech” designed to both educate and “sell” decision makers on the healthcare product or service you have proposed. Your elevator speech summary should address what you believe are the significant talking points necessary to educate decision makers and other stakeholders on the benefits of your idea as well as clarify the business case. Remember, an elevator speech should be approximately 30-60 seconds.
W1A1 HealthWaysBudget
| Table 1. HealthWays Clinic, Monthly Expense Budget Report, June 2018. | ||||||
| Item | June 2018 | May 2018 | 2018 YTD | |||
| Budget | Actual | Difference | Actual | Budget | Actual | All blue shaded cells require your answers. |
| Physician FTE | 1.0 | 1.0 | 0 | 1.0 | 1.0 | 1.0 |
| Nurse PractitionerFTE | 3.0 | 3.0 | 0 | 3.0 | 3.0 | 3.0 |
| Encounters: | ||||||
| Established patients | 275 | 291 | (16) | 286 | 1650 | 1671 |
| New patients | 25 | 18 | 7 | 27 | 150 | 164 |
| Total encounters | 300 | 309 | (9) | 313 | 1800 | 1835 |
| Expenses: | ||||||
| Physician Salaries & Benefits | $10,500 | $10,502 | (2) | $10,509 | $63,000 | $63,149 |
| NP Salaries & Benefits | $20,000 | $20,992 | (992) | $20,191 | $120,000 | $122,001 |
| Clerical (2 FTE) Salaries & Benefits | $6,667 | $6,771 | (104) | $6,683 | $40,000 | $41,978 |
| Total personnel expense | 37167 | 38264 | (1098) | 37383 | 223000 | 227128 |
| Medical supplies | $7,500 | $8,136 | (636) | $7,994 | $45,000 | $47,883 |
| Office supplies | $623 | $583 | 40 | $508 | $3,498 | $3,407 |
| Rent | $2,917 | $2,917 | 0 | $2,917 | $17,502 | $17,502 |
| Depreciation | $333 | $346 | (13) | $346 | $1,998 | $2,050 |
| Capital Expenses | $3,333 | $3,480 | (147) | $3,480 | $19,998 | $20,439 |
| Overhead | $167 | $167 | 0 | $167 | $1,002 | $1,002 |
| Total non-personnel expense | 14873 | 15628 | (755) | 15412 | 88998 | 92283 |
| Total health center expense | 52340 | 54201 | (1861) | 53108 | 313798 | 321246 |
| Interpretation: | ||||||
| I. Answer the following question related to the results of your calculations: What interpretations can you make based on the data? What is happening in regard to such measurables as: | ||||||
| 1. The full-time equivalents (FTE) for HealthWay employees: | ||||||
| 1. Answer: The FTE for Health Way employees shows that the estimates and the actual figures are equal. This shows that the | ||||||
| 2. The number of encounters, both new and established: | ||||||
| 2. Answer: For the established ones the numbers have been under estimated but for the new ones the numbers have been over estimated. | ||||||
| 3. Non-personnel expenses: | ||||||
| 3. Answer: The non-personnel expenses have been under estimated. This means that the business should find better estimates or reduce their expenses to remain profitable. | ||||||
| 4.Total expenses: | ||||||
| 4. Answer: The total expenses was underestimated with some $1861. This is not a big margin and thus next time the budget estimates should try to make the estimates and the actual as close as possible. | ||||||
| II. If these trends continue, what could it mean for HealthWays? What strategies might they employ to address any issues your analysis suggests? | ||||||
| Answer: HealthWays should try all they can to minimize their costs as to remain profitable, the costs should be as low as possible. The business should also look at the expenses that are not necessary and thus cut them off. |
W8A5a Expense forecasting
| W8A5 Estimated Expenses | |||
| Refer to the Healthcare Budget Guide for directions on completing this Expense Forecasting scenario | |||
| Expense Forecasting | |||
| Based on the information provided, prepare an expense forecast for 20X1 using the template below: | |||
| Spending during January- June 20X1 (6 months) | |||
| · Fixed expense items: $210,000 | |||
| · Variable expense items: $1,200,000 | |||
| · One time expense: $50,000 of fixed expense money was spent on preparing for a Joint Commission survey | |||
| Procedures preformed during January- June 20X1 (6 months) | |||
| · Your department has performed 20,000 procedures during the first six months | |||
| On November 1,20X1, two new procedure technicians will begin work. The salary and fringe benefit costs for each is: | $ 96,000.00 | yearly | |
| Description | Fixed | Variable | TOTAL |
| Year to Date Expense | $210,000 | $1,200,000 | $1,410,000 |
| Adjustments | |||
| Add back “One Time” credits | |||
| Deduct “one Time” expenses | $50,000 | ||
| Adjusted total for year to date expense | $160,000 | $1,200,000 | |
| Annualization | |||
| Divide by months (fixed) | 6 | ||
| Multiple by months (fixed) | 12 | ||
| Divide by volume | 20,000 | ||
| Multiply by volume | 40,000 | ||
| Annualized Amounts | $ 320,000.00 | $ 2,400,000.00 | $ 2,720,000.00 |
| Adjustments | |||
| Add back “One Time” expenses | $50,000 | $50,000 | |
| Deduct “One Time” credits | |||
| Expense two new technicians | $192,000.00 | $192,000.00 | |
| Expense Forecast as of 12/31/X1 | $ 562,000.00 | $ 2,400,000.00 | $ 2,962,000.00 |
W8A5b Breakeven Analysis
| W8A5 Breakeven Analysis | |
| Refer to the Healthcare Budget Guide for directions on completing this Breakeven Analysis | |
| Break-Even Analysis Scenario | |
| You can charge $1,075 for a new service. Demand is anticipated to be 8,000 units a year. Your business is able to handle up to 16,500 units annually, so capacity should not be a problem. The average collection rate is 80%. The new service has annual fixed costs of $4,700,000. Variable cost per unit of service is $420. | |
| Price to be Charged | $1,075 |
| Collection Rate | 80% |
| Average Collection per Service | $860 |
| Variable cost per unit of service | $420.00 |
| Fixed Operating Costs | $4,700,000.00 |
| Break-Even Point =Fixed Cost/(Net Revenue per Unit-Variable Cost per Unit) | |
| Capacity: | 16,500 |
| Demand: | 8,000 |
| Breakeven: | 10,682 |
| Question: Use break-even analysis to determine if this new service is financially viable. If the business is not financially viable, what steps could you take to make a case to proceed with implementation? Explain your decision. |
Answer: The break even units are 10,682 while the anticipated demand is 8,000. This means that the business is not financially viable. to make it fnancially viable, we should try and reduce the fixed costs as much as possible. We should also try and reduce the variable costs. This will decrease the breakeven units and thus make the business financially viable.
W8A5c Marginal Profit and Loss
| W8A5 Marginal Profit and Loss | |||||
| Refer to the Healthcare Budget Guide for directions on completing this Marginal Profit and Loss scenario | |||||
| Marginal Profit and Loss Statement Scenario | |||||
| You are examining a proposal for a new business opportunity – a new procedure for which demand is expected to be 1,400 units the first year, growing by 600 units each year thereafter. The price charged per procedure is $1,000. The collection rate is anticipated to be 80%. Each procedure consumes $300 of supplies. Salary cost is estimated to cost $540,000 each year, fringe benefits are 25% of salaries, rent for the facility is $55,000/yr and operating cost are $120,000/yr. | |||||
| Year One | Year Two | Year Three | Year Four | Year Five | |
| Marginal Revenue: | |||||
| Units of Volume | 1,400 | 2,000 | 2,600 | 3,200 | 3,800 |
| Price Procedure | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
| Collection Rate | 80% | 80% | 80% | 80% | 80% |
| Marginal Net Revenue | $1,120,000 | $1,600,000 | $2,080,000 | $2,560,000 | $3,040,000 |
| Marginal Costs: | |||||
| Variable Costs | |||||
| Units of Volume | 1,400 | 2,000 | 2,600 | 3,200 | 3,800 |
| Variable Cost Supplies per Unit/procedure | $300 | $300 | $300 | $300 | $300 |
| Marginal Variable Cost | $420,000.00 | $600,000.00 | $780,000.00 | $960,000.00 | $1,140,000.00 |
| Fixed Costs: | |||||
| Salary Costs | $540,000 | $540,000 | $540,000 | $540,000 | $540,000 |
| Fringe Benefits | $ 135,000.00 | $ 135,000.00 | $ 135,000.00 | $ 135,000.00 | $ 135,000.00 |
| Rent | $ 55,000.00 | $ 55,000.00 | $ 55,000.00 | $ 55,000.00 | $ 55,000.00 |
| Operating Cost | $ 120,000.00 | $ 120,000.00 | $ 120,000.00 | $ 120,000.00 | $ 120,000.00 |
| Marginal Fixed Costs | $850,000 | $850,000 | $850,000 | $850,000 | $850,000 |
| Total Marginal Costs | $ 1,270,000.00 | $ 1,450,000.00 | $ 1,630,000.00 | $ 1,810,000.00 | $ 1,990,000.00 |
| Annual Marginal Profit | $ (150,000.00) | $ 150,000.00 | $ 450,000.00 | $ 750,000.00 | $ 1,050,000.00 |
| Cumulative Profit Margin | $ (150,000.00) | $ – 0 | $ 450,000.00 | $ 1,200,000.00 | $ 2,250,000.00 |
| Question: Below is a marginal P&L for this business opportunity. Based on that analysis, should this opportunity be pursued. Explain your decision. | |||||
| Answer: This opportunity should be pursued. This is because the opportunity breaks even after only two years and all the other years the profits are increasing meaning that it is a profitable venture. |
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